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Morgan Stanley Settlement Ends Sex Bias Suit

The Morgan Stanley investment bank agrees to pay $54 million to end a sex bias lawsuit brought by the Equal Employment Opportunity Commission. The firm was accused of a pattern of discrimination that denied promotions and higher salaries to women.

Announcement of the deal came just as opening statements in the case were to begin. Some of the money in the settlement will be used to fund diversity initiatives at the Wall Street brokerage.

The big winner in the suit is Allison Schieffelin, the central plaintiff in the three-year-old case, who will receive $12 million.

Some $40 million of the settlement will go into an account that is meant to provide funds to women who worked for the company since 1995. It will be supervised by a former federal judge.

Another $2 million will pay for a training program aimed at eliminating gender-based discrimination at the company. Hear NPR's Robert Siegel and NPR's Jim Zarroli.

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Robert Siegel
Prior to his retirement, Robert Siegel was the senior host of NPR's award-winning evening newsmagazine All Things Considered. With 40 years of experience working in radio news, Siegel hosted the country's most-listened-to, afternoon-drive-time news radio program and reported on stories and happenings all over the globe, and reported from a variety of locations across Europe, the Middle East, North Africa, and Asia. He signed off in his final broadcast of All Things Considered on January 5, 2018.
Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.